A new heavyweight has entered the XRP investment scene. Prominent crypto-focused attorney Bill Morgan has spotlighted another major financial player holding a sizable amount of XRP, further reinforcing the token’s growing institutional appeal. This latest revelation follows the emergence of Evernorth, a Ripple-backed treasury company that recently made headlines for holding nearly $1 billion in XRP.
In a recent regulatory filing with the U.S. Securities and Exchange Commission (SEC), Virtu Financial disclosed that it holds approximately 22 million XRP tokens on its balance sheet. Based on current market prices, this stake is valued at over $55 million. With a market capitalization exceeding $5 billion, Virtu Financial is a significant presence in the global financial services sector. The firm specializes in market-making and execution services and provides liquidity across various asset classes, including equities, ETFs, fixed income, commodities, and derivatives.
According to data from Crypto Treasury Tracker, Virtu now ranks among the top 10 institutional holders of XRP, placing just behind Wellgistics Health. Despite this noteworthy holding, Virtu’s stock performance in 2024 has been relatively lackluster, showing a year-to-date decline of over 2%. However, a recent rebound has seen its stock climb more than 3% over the past five trading days.
This development comes alongside the rapid ascent of Evernorth, which is on track to become the largest XRP treasury globally. The company currently holds an impressive 388.7 million XRP, valued at close to $1 billion. Backed by heavyweights such as Ripple, Kraken, Pantera Capital, and GSR, Evernorth is aggressively expanding its presence ahead of its planned listing on the Nasdaq. The listing will be facilitated through a business merger with Armada II, which recently changed its ticker symbol to XRPN in anticipation of the deal.
The increasing interest from institutional investors in XRP is further evidenced by the forthcoming launch of the Canary Capital XRP ETF. The asset management firm recently amended its fund documents, removing a previous delay clause, thereby paving the way for a potential launch on November 13. This move mirrors the firm’s earlier launches of ETFs focused on Hedera and Litecoin, signaling a broader trend of altcoin-focused exchange-traded products entering mainstream markets.
However, even as institutions move to accumulate XRP, a contrasting trend is emerging among long-term holders. According to analytics firm Glassnode, early investors—particularly those who accumulated XRP before November 2024—are now accelerating their liquidation of the token. Daily spending by this group has surged by 580%, rising from $38 million to $260 million. This sell-off by seasoned holders is adding downward pressure on the altcoin’s price, despite its recent modest gains.
At the moment, XRP is trading at approximately $2.51, marking a 2% increase over the last 24 hours. While this uptick may offer short-term optimism, the underlying dynamics suggest a tug-of-war between institutional accumulation and long-term holder distribution.
The growing institutional footprint in XRP raises key questions about the altcoin’s future. Is this the beginning of a new phase of adoption similar to what Bitcoin experienced with ETFs and corporate treasuries? Or will the increased institutional involvement be offset by retail investor fatigue and profit-taking?
One significant development that could shape XRP’s trajectory is the potential approval of additional ETFs. While the first U.S. spot XRP ETF is slated for a tentative launch in mid-November, market watchers are already speculating that more could follow if the debut proves successful. Such financial products offer more regulated and accessible avenues for institutional exposure, potentially catalyzing a new wave of demand.
Moreover, XRP’s underlying technology — the XRP Ledger — continues to evolve. Recent upgrades have enhanced privacy features, a move that could attract more enterprise-level users who are concerned with transaction confidentiality. These advancements improve XRP’s utility not only as an investment asset but also as a tool for cross-border payments and decentralized financial applications.
Another factor worth noting is the legal clarity surrounding XRP. Ripple’s partial legal victory against the SEC earlier in 2023 has given the asset a regulatory edge over other altcoins still mired in litigation or uncertainty. This clarity has been cited by several institutions as a key factor in their decision to hold or accumulate XRP.
As more companies like Virtu Financial and Evernorth add XRP to their balance sheets, it becomes evident that corporate treasuries are increasingly viewing digital assets as viable stores of value or hedges against traditional market volatility. This trend mirrors the early days of Bitcoin’s adoption by public companies and could signal a broader shift toward diversified crypto holdings in corporate finance strategies.
In conclusion, the revelation of Virtu Financial’s XRP holdings and the aggressive expansion of Evernorth underscore a growing institutional appetite for XRP. While price volatility and long-term holder sell-offs pose challenges, the entrance of ETFs, enhanced ledger technology, and increasing legal clarity create a fertile environment for further adoption. Whether XRP can fully capitalize on these developments remains to be seen, but the foundations for a more institutionalized future are clearly being laid.